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Intel's competitive advantage was, for many years, their superior process -- always far ahead of the competition. For reasons that aren't clear to me (still an Intel investor), Intel's process advantage has stumbled.

I informally interviewed with Intel's process engineering in the early 2010s and was amazed to grok that they truly viewed Moore's law as a target. The job looked extremely stressful, as a new miracle was required roughly every eighteen months, and every piece of the process had to work, or the whole line would fail. Intel's (and modern chip-building in general) fabrication work is truly astounding.

Intel's real competition is Nature, and Nature gets exponentially more difficult.



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